Hardest Hit EHow
How the Program Works
UMAP/MLRP assistance is provided in the form of a 0% interest, deferred-payment loan secured by a junior lien that is recorded against the property. The loan is forgiven over a five-year period at 20% per year starting 18 months after acceptance into the program. You only need to repay the loan if:
- you sell your home prior to the end of the loan period and there are sufficient proceeds from the sale to pay all superior secured loans, or
- if you refinance the first mortgage loan to consolidate debt or receive cash out.
Borrower Eligibility
To be eligible for Florida HHF assistance, you must meet all of the below criteria.
- You are a Florida resident and a legal US resident/legal alien.
- You have experienced a financial hardship, which is the result of at least a 10% reduction in income due to unemployment or underemployment. (A reduction of income due to the death, divorce, or permanent disability of a borrower or co-borrower will not qualify.)
- Your total household income is below 140% of the area median income as provided by U.S. Department of Housing and Urban Development. (“Total household income” means all income for persons living in the home who are age 18 years and older.)
- You meet program underwriting guidelines.
Homeowners who have $5,000 (or an amount equal to or more than three times the total monthly mortgage payment including taxes and insurance) in assets must first use those assets toward mortgage payments or other existing debt before being eligible for UMAP/MLRP funds.
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Hardest Hit EHow